Liberty Media shareholders to vote on Formula 1 purchase

The planned purchase of Formula 1 by Liberty Media will move to its next stage when the American company's shareholders meet to vote on the deal next month

Liberty Media shareholders to vote on Formula 1 purchase

In September, Liberty Media agreed to become F1's biggest shareholder through the purchase of shares from a consortium of sellers led by majority shareholder CVC Capital Partners.

The risks facing Liberty's F1 bid

The organisation will acquire 100% of the shares of Delta Topco, the parent company of F1, and has completed an initial acquisition of an 18.7% minority stake.

Should the deal go through, the American media company intends to rename itself Formula One Group.

On Friday, Liberty announced it will hold a meeting on January 17 next year with its shareholders to discuss and then vote on the various elements of the deal.

The statement said "holders will be asked to vote on proposals relating to Liberty's issuance of shares of its Series C Liberty Media common stock in connection with the proposed acquisition of Formula 1 and the renaming of the Liberty Media Group and the Liberty Media common stock to the Formula One Group and the Liberty Formula One common stock, respectively, following the proposed acquisition of Formula 1 by Liberty."

The F1 deal requires approvals by antitrust and competition law authorities in various countries.

The meeting will take place 12 days after Britain's Competition and Markets Authority (CMA) makes a decision on whether to investigate the purchase.

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